If you were to suffer from an illness or injury that prevented you from working ever again, the financial pressure from a loss of income would be just one more unnecessary burden. AMP’s Flexible Lifetime Total and Permanent Disability (TPD) Cover can help take the pressure off by providing an uncapped lump sum payment if you’re diagnosed with a permanent medical condition that prevents you from working and earning an income. This lump sum payment could be used to keep up with the costs of living, such as paying the mortgage, helping pay for your children’s education, paying for medical and rehabilitation costs, or even updating your home to accommodate for your new lifestyle requirements.
Under AMP’s Flexible Lifetime Protection plan, you can purchase TPD Cover as either a stand-alone product, or linked to your other Lifetime Protection covers. If you’re after more affordable premiums yet more comprehensive cover, linking your covers within you Lifetime Plan is an ideal situation. However, when you claim a benefit against one cover, it can affect the total sum you’re insured for. Purchasing your TPD Cover as a stand-alone product prevents your total sum insured from being affected if you make a claim against other covers.
Additionally, TPD Cover can also be held within your AMP Superannuation Savings Trust.
What is a total and permanent disability?
AMP defines a total and permanent disability as a condition that prevents you from working, and which you likely won’t recover from. AMP doesn’t limit your eligibility for claiming a benefit with a pre-defined set of medical conditions. However, the most common illnesses/injuries that trigger a claim include, cancer, mental illnesses, central nervous system diseases and musculoskeletal diseases.
In addition to your benefit amount, chosen by you at the time of your application, AMP also provides you with a range of benefits to ensure you receive the financial support you need during a difficult time.
- TPD Partial benefit
If you suffer from the irrecoverable loss of one limb or eyesight in one eye, AMP will pay you up to 25% of your total sum insured.TPD Plus Option*If your TPD Cover is linked to your Death Cover and you make a claim on your TPD Cover, this can affect your total sum insured for both covers. With TPD Plus Option, AMP will restore your Death Cover in full if you make a TPD claim.
- Own Occupation Option*
Under this additional benefit, you could increase your chances of receiving a claim. Whereas most claims are granted if you can’t ever work in any occupation ever again, under this option, you could receive a benefit if you’re unable to work just in the occupation you were most recently employed in.
- 28-day money back period
If you apply for insurance cover and decide that the plan doesn’t meet your needs, AMP gives you a 28-day period where you can cancel your insurance and receive a full refund.
- Automatic plan upgrades
If AMP changes the features of a product you currently hold, they’ll automatically pass these changes on to you if it doesn’t affect your premium.
- World-wide coverage
If you relocate from Australia to an overseas location, you’ll be protected under AMP’s TPD Cover no matter where you are in the world.
- Death benefit
AMP will pay a lump sum payment to your nominated beneficiaries should you pass away. There is currently no minimum or maximum amount of cover you can apply for.
- Financial planning benefit
If you and your family need to seek advice after receiving the Death benefit or the Terminal illness benefit, AMP will pay you $2000 to cover the costs of getting a financial plan.
- Guaranteed insurability feature
If you want to ensure that your cover retains its value as your life changes, you can without any medical underwriting. AMP lets you do this for a number of life events, including of you marry, enter into a de facto relationship, have a child or adopt, complete a university degree, or increase a stake in a business.
- Indexation feature
AMP will automatically increase your sum insured to keep up with the rising Consumer Price Index.
- Business safeguard option*
If you own your own business or are a key stakeholder in one, and your insured amount is $500,000 or more, you can increase your cover to ensure you business is looked after in the event of your death.
- Avoid premiums*
AMP will waive your premiums if you’re permanently disabled before your cover expires.
- Accommodation benefit
If you’re bedridden, totally disabled, or have to stay over 100kms away from your home due to your illness, AMP will reimburse an immediate family member’s accommodation costs if they have to stay with you.
- Children’s trauma cover option*
You can include your children in your cover to help avoid the financial burden of a sick family member. AMP will pay up to $100,00 if your child suffers from one of their specified medical conditions, including blindness, coma, cancer, leukemia, stroke, major head trauma and loss of hearing or speech.
*Options available at an extra cost
Want to see if AMP’s Flexible Lifetime TPD Cover is right for you? You can compare more insurance premiums through our free quote service.
© 2012 Wealth Smart Life InsurancePage last updated: April 13, 2014